Front Page News

The 177,000-member, $1.4 billion GTE Federal Credit Union faces a $51,000 fee from Fannie Mae because it only used foreclosure attorneys the government-backed mortgage giant approved and ordered it to use.

It’s rare that a novice credit union member signs up for his or her CU’s credit card right off the bat. The first account is usually a savings or share account, often followed by a checking account for the debit card. Sometimes if there is an indirect lending program, new...

Credit unions expecting to profit markedly and gain many new accounts from Bank Transfer Day fallout and Occupy protests will need to drastically step up their technology game, according to a California research firm.

The Credit Union Executives Society started in 1962 as a CUNA department known as the CUES (which at the time stood for Credit Union Executive Services) Managers Society. Now in its 50th year, the organization is the go-to resource for credit union leaders. CUES’ wealth of services includes educational programs,...

Credit unions lost $1.4 billion in overdraft revenue in 2011 due to a bank-initiated overdraft price increase and the increasing popularity of alternative short-term loans, according to a new study from Lake Bluff, Ill.-based research firm Moebs Services.

In 2012, Bruce Foulke, the president/CEO of the $1.1 billion American Heritage Federal Credit Union of Philadelphia, ranks among the CU doers, or is, as the World Council of Credit Unions puts it, “a special breed” when it comes to overseas charity work.

Editor-in-Chief's Column

The examination process at the NCUA went on trial last week. Not before a court but before Congress, though it could end up in court, too, if legislation in Congress makes it through to law. The Financial Institution Examination Fairness and Reform Act (H.R. 3461) would create an ombudsman within...

I think that Newt Gingrich may be right about credit unions being government-sponsored enterprises. Consultant Dennis Dollar and others have criticized the presidential candidate and former speaker of the House for describing credit unions as GSEs.

Opinion

At 80 million strong, Gen Y will soon control the nation’s wealth, posing a mammoth opportunity for credit unions. Born during the early 1980s and the late 1990s, the group is more than three times the size of Generation X and exerts major influence on American culture.

It seems credit unions are doing all they can in their quest to build younger membership by introducing new products and services. But research still points to an overall industry struggle in the Gen Y market.

News Briefs

With a $10,000 grand prize presented by MasterCard at stake, three finalists have been named for the second annual CO-OP THINK Prize, created in 2010 to inspire innovative solutions to the issues confronting the credit union industry.

The World Council of Credit Unions has issued a call for Distinguished Service Award nominations.
Award recipients will be recognized at the World Credit Union Conference, July 15–18 in Gdansk, Poland.

Silver State Schools Credit Union lost its position as Nevada’s largest credit union last year, along with $8.4 million.
The troubled Las Vegas credit union said it posted a net loss of $2.8 million in the fourth quarter, and finished the year with a net loss of $8.4 million, but said...

Credit Union of Colorado has launched a new foundation to build upon the organization’s history of philanthropic commitment to its members and the communities where they reside. The new Credit Union of Colorado Foundation will focus on two areas of interest, human services and education.

The Prime Performance 2011 California bank and credit union survey has ranked The Golden 1 Credit Union the top financial institution in several categories, including overall customer experience. The survey distinguishes Golden 1 as a top performer in customer service and satisfaction.

Lee Butke, president/CEO of Corporate One FCU in Columbus, Ohio, has joined the board of directors of the National Credit Union Foundation. Butke joined the board at NCUF’s board meeting on Jan. 24 in Scottsdale, Ariz., and is the new Association of Corporate Credit Unions representative on the board.